2018 witnesses a surge in the price of petroleum products from the very onset

The federal government recently announced to increase the prices of petroleum products almost up to 11.75 per cent for the month of January

The hike in the price of petroleum products was announcement in this regard by Miftah Ismail, the newly appointed adviser to Prime Minister on Finance, while addressing a press conference in Islamabad and is considered as the first bold measure step taken in his supervision .

Petrol and high-speed diesel — the two most widely used products in our country — will now be sold for Rs81.53 and Rs89.91 a litre, respectively, after an increase of around Rs4 each approximately

Ex-depot price of high-speed diesel is also increased by Rs3.96 per litre and that of petrol by Rs4.06 per litre.

Also, the price of light-diesel oil (LDO) has been increased by Rs6.25 per litre while the price of kerosene oil will see a hike of Rs6.79 per litre.

According to Ismail, the decision was taken by Prime Minister Shahid Khaqan Abbasi after the Oil and Gas Regulatory Authority (OGRA) recommended to do so earlier in the conference .

Adding to the already high price stake of the petroleum products at this point of the year ,and explaining it in a sort of Defence, Ismail said that the prices of petroleum products have continuously been increasing and mentioned that the ratio of sales tax on petrol has not been changed.

The revised prices of petroleum products will take effect on and from January 1, 2018

The Oil and Gas Regulatory Authority (OGRA) had earlier recommended an increase in the price of petroleum products to the federal government, according to the reports.

Leader of the Opposition in the National Assembly Syed Khurshid Shah as an immediate response slammed the government for hiking the prices of petroleum products , terming the increase failure of its policies and a sarcasm on the long term proposed initiative.

Speaking to the media, Shah lamented that the latest increase in fuel prices will trouble and increase the misconceptions among the already hard-pressed public. He further commented and claimed that the government had shifted the burden of internal and external borrowings onto the public.

Shah also laughed at the government’s claims of having shored up foreign reserves, questioning the veracity of such claims pointing out that the government had already been collecting illegitimate taxes on the petroleum products and the recent increase would unleash a storm of inflation in the country, the opposition leader said.

The PPP will not allow the government to oppress the people and will expose its hollow claims. He demanded that the old prices of the petroleum products should immediately be restored.

A day earlier, however, Prime Minister Shahid Khaqan Abbasi approved the increase in the prices of petroleum products on the recommendation of Oil and Gas Regulatory Authority (OGRA).